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Repeal of section 16.
Amendment of section 17.
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ment of the costs of the investigation as he may require; or
(b) if the bank suspends payment or informs
him of its intention to suspend payment. (3) Where an investigation is made by the Com- missioner pursuant to subsection (2), the Financial Secretary may order that all expenses incurred in such investigation shall be defrayed-
(a) by the bank; or
(b) if the investigation was made pursuant to paragraph (a) of subsection (2), either wholly by the persons who applied for the making of the investigation or partly by such persons and partly by the bank in such proportions as be considers to be just.".
19. Section 16 of the principal Ordinance is repealed.
20. Section 17 of the principal Ordinance is amended by- (a) deleting subsection (1) and substituting the following- "(1) Where the Commissioner has assumed control of the business of a bank under paragraph (iii) of subsection (1) of section 13 or pursuant to an order of the Governor in Council under para- graph (i)) of subsection (1) of section 14 or some other person has assumed control of the business of a bank pursuant to a direction of the Commis- siouer under paragraph (iii) of subsection (1) of section 13 or an order of the Governor in Council under paragraph (ii) of subsection (1) of section 14, then, subject to subsection (2), the Commissioner or such other person, as the case may be, shall remain in control and continue to carry on the business of that bank in the name and on behalf of the bank until it is no longer necessary, in the opinion of the Financial Secretary, for the Commissioner or such other person to remain in control of the bank.": (8) deleting "Where the Commissioner or some other person has, by virtue of paragraph (iii) of subsection (1) of section 13. assumed control of the business of a bank” in subsection (2) and substituting the following-
"Where the Commissioner has assumed control of the business of a bank under paragraph (iii) of sub- section (1) of section 13 or pursuant to an order of
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the Governor in Council under paragraph (ii) of subsection (1) of section 14 or some other person has assumed control of the business of a bank pursuant to a direction of the Commissioner under paragraph (iii) of subsection (1) of section 13 or an order of the Governor in Council under paragraph (ii) of subsection (1) of section 14"; and
(c) deleting "Where the control of the business of any bank has been assumed by the Commissioner or some other person by virtue of any of the provisions of section 13 or 14 or" in subsection (3) and substituting the follow- ing
"Where the Commissioner has assumed control of the business of a bank under paragraph (iii) of sub- section (1) of section 13 or pursuant to an order of the Governor in Council under paragraph (1) of subsection (1) of section 14 or some other person has assumed control of the business of a bank pursuant to a direction of the Commissioner under paragraph (iii) of subsection (1) of section 13 or an order of the Governor in Council under paragraph (ii) of subsection (1) of section 14 or any such control".
21. Section 18 of the principal Ordinance is amended- (a) by inserting the following new subsection after subsec-
tion (2)
"(2A) For the purpose of subsection (2), the specified liquid assets of a bank shall be the specified liquid assets of that bank within the meaning of subsection (6) reduced by an amount equivalent to such bank's total liabilities in respect of balances payable on demand to other banks in the Colony and money at call due to other banks in the Colony and money at short notice due to other banks in the Colony.";
(b) by inserting the following in subsection (3) after "para-
graphs (a),"
"(aa),"*:
(c) by inserting the following in subsection (3) after "sub-
section (6)"-
", and in determining whether the minimum holding includes not less than the equivalent of fifteen per
Amendment of section 18.
No comments yet.
Private notes are available after approval.